Dhaka, Bangladesh (BBN) – The BBN (Bangladesh Business News) has prepared the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.
Bangladesh to announce BDT 4.02 trillion budget Thursday
Finance Minister of Bangladesh AMA Muhith is set to announce a possible BDT 4.02 trillion national budget today (Thursday) for the next fiscal year (FY). The finance minister will start placing the budget in the Jatiya Sangsad (national parliament) from 1:30pm on the day aiming to achieve a 7.4 per cent economic growth by the end of FY 2017-18.
Beneath The Shine
Bangladesh is caught in a limbo between dreamy possibilities and the nitty-gritty of reality. The possibility of moving at a much faster rate is tempered by the grim reality of the current architecture that denies that speed. We have to be satisfied with a moderate budget — something that never crossed 13 percent of GDP – because our implementation capacity is hobbled. We have to live with the perennial tailbacks that slow down economic growth. We are stuck with an ugly urbanisation that denies any aspirations of sustainable living in the present and in the future.
Pvt sector credit growth rises for 6th month
Private sector credit growth continued to maintain an upward trend in April, six months in a row, as banks are now focusing on disbursement of consumer and farm loans to sustain their profitability, said Bangladesh Bank officials. Rise in import payment in recent months also put a positive impact on private sector credit growth, they said. In April, the year-on-year private sector credit growth stood at 16.21 per cent, which is close to the monetary target of 16.50 per cent set by the central bank for the second half of this financial year, according to the BB data.
Chuppu to be independent director at Islami Bank
Former chairman of the Anti Corruption Commission (ACC) Muhammad Shahabuddin Chuppu is going to be an independent director of Islami Bank Bangladesh Limited. IBBL board of directors named him at the board meeting on Wednesday, confirmed IBBL Chairman Arastoo Khan. “As two of our independent directors have resigned, the board proposed Muhammad Shahabuddin Chuppu as an independent director,” he said.
Bangladesh’s agriculture sector NPLs rise 14% in July-April
The amount of classified loans in the agriculture sector jumped by 14.09 per cent during the first 10 months of the ongoing financial year (FY) despite the central bank’s close monitoring. The non-performing loans (NPLs) of farmers rose to BDT 49.26 billion during the July-April period of the FY 2016-17 from BDT 43.17 billion in the same period of the previous FY, according to the central bank’s latest statistics.
A tricky budget
The budget for fiscal 2017-18 comes at a time when the economy is on a 7 percent growth trajectory and witnessing falling inflation. Political calm, which is a rare occurrence in Bangladesh, is another advantage the government has been enjoying for the past three years. Yet, the economy is facing a good number of challenges, which, if not addressed, are likely to stunt growth and bring disorder in macroeconomic management.
Weak budget implementation, external sector blight GDP gain
The country’s economy has gone through some challenges both in internal and external areas like weak budget implementation, stagnant private investment, low level of employment generation, slower export earnings, decline in remittance inflow despite a record-high GDP growth in the outgoing fiscal year of 2016-2017. Finance minister AMA Muhith announces the national budget for the FY 2017-2018 today against the backdrop of the challenges and comfortable stability in political environment and overall macroeconomic arenas.
Bangladesh’s stocks end higher for second day
Bangladesh’s stocks extended the gaining streak for the two consecutive sessions on Wednesday as optimistic investors continued their buying spree on lucrative stocks. Brokers said the market extended the winning spell just ahead of budget announcement as some enthusiastic investors went on buying spree on sector specific large-cap stocks.